No, Turbotax didn't direct me to that section and certainly didn't focus on asking how to treat AMD. It just brings you to the Changes to Federal Income section after asking some residency questions. AFAIK, it doesn't focus you on any part of the Changes section for other possible adjustments, just gives you the list of possibilities.Thank you. Did Turbotax direct you to open the section Changes to Federal Income and click through to investment adjustments, or is that something that you had to know without assistance from Turbotax?For the NY return, TT has a section Changes to Federal Income. Clicking through there's a section, Investment adjustments - Exempt income from US government or exempt by NY law. Clicking through you come to:
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"Enter any investment income from U.S. Government agencies" suggests that TT regards this as exempt from NY tax. Is there an argument that AMD is not investment income?
I wonder how other tax programs treat AMD on treasuries. How TT and other tax programs treat the AMD would seem to help answer the question "SHOULD you enter the exemption on your state tax return?" although obviously is not definitive.
It would seem odd if the AMD wasn't treated as US government interest for NY tax, given that it's treated as interest on the Federal return and that if the treasuries were in a fund dividends from the fund would clearly be government interest. Of course, this doesn't answer the question.
Statistics: Posted by exodusing — Wed Feb 28, 2024 6:10 am — Replies 18 — Views 1064